Today's Gold Settled at $1195.10….Another Down Day….

The Globex Gold trade during the day session covered a robust $25.60 range as once again gold struggled to maintain early session gains. It appears that the lack of buy momentum, and technical resistance, have the "bulls" ducking for cover…

The next key support level is around the $1180.00 – $1175.00 level. Despite a weaker U.S dollar and a stronger Euro investors may be selling their Gold to re-invest in the worlds equity markets.

If Gold continues to drop look for the BBA (Bombay Bullion Association) to possibly become a player as they have reported gold imports into India are down 75% from a year ago…. Since India is the largest   consumer of gold in the world and with the upcoming wedding season approaching (September -December) these lower prices may be attractive to the Jewelers….

SWING NUMBERS AUGUST GOLD 7/7…..

Resistance # 2…………$1226.00

Resistance # 1…………$1210.00

Pivot………………………..$1200.00

Support # 1……………..$1185.00

Support # 2……………..$1175.00

Mike Daly / Gold Specialist

PFG BEST

[email protected]

877-294-4669

312-563-8029

*THERE IS EXTREME RISK TRADING FUTURES, OPTIONS, and FOREX*